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I'm of the opinion that the EU should work to make all these national payment systems cross-compatible. They've already done it for regular money transfers (SEP
by Tijdreiziger 6y ago
I'm of the opinion that the EU should work to make all these national payment systems cross-compatible. They've already done it for regular money transfers (SEPA). They've already done it for government identification (eIDAS). Now it's time to put an end to the national insularity of online payment systems (NL: iDEAL, BE: Bancontact, DE: SOFORT, SE: Swish, PL: Przelewy24, ...)
- majewsky 6y agoHonest question: What's the point of even having these online payment systems when there is SEPA? When I pay by credit card, they send me through a UI flow where I authenticate with my online banking (from the bank who issued my CC). Why can they not just do the same with SEPA and redirect me to my online banking to have me authorize a SEPA money transfer?
- Tijdreiziger 6y agoThat UI flow doesn't exist for SEPA transactions, which is exactly why these systems came to be. Some of these systems already existed before SEPA came to be in 2014, which necessarily made them national systems (before 2014, cross-border transactions used to be complicated and cost money, even if both countries used the euro). IIRC, SOFORT used to just ask you for your banking credentials, and then it would just log in to your online banking and put a regular transfer through. Amazon.de does a nice job by offering direct debit: you put in your IBAN and they automatically debit your account, which works across SEPA. But this seems very fraud-sensitive (you could put in anyone's IBAN), which is probably why it's not more common.